IBJNews

Premier Properties to be liquidated

Back to TopCommentsE-mailPrintBookmark and Share

A judge reclassified the bankruptcy status of Premier Properties USA today, clearing the way for a U.S. trustee to take hold of the company and begin selling its assets.

U.S. Bankruptcy Court Judge Basil H. Lorch III approved a motion to convert the bankrupcty case to Chapter 7 from Chapter 11, ending Premier founder Christopher P. White's hopes of resurrecting the Indianapolis development firm.

White had been trying to raise money to save the 15-year-old company, which developed numerous high profile retail projects, including the Metropolis mall in Plainfield.

Premier sought bankruptcy protection April 23, listing debts of more than $2.8 million to 20 creditors - not including millions of dollars in unpaid bills related to specific properties. White and his company also face a slew of lawsuits, alleging unpaid bills, defaulted loans and check fraud.

Today's decision means a trustee now will take control of the company to liquidate any of Premier's remaining assets.

That probably isn't much, said Henry Efroymson, an Ice Miller attorney who represents Atlanta-based Dominion Capital Management LLC, a Premier creditor that took control of most of its properties last month.

"If there's going to be a distribution to creditors, it's going to be very small," Efroymson said. "There isn't much left ... this was a management company."

During the hearing, Efroymson also asked that Dominion Capital be given full access to Premier's records. He said his client had received the "lion's share" of records on Premier's properties, but needed to review the company's computer hard drives to retrieve the rest of the data.

Some of those hard drives have been moved to White's home, said William J. Tucker, Premier's bankruptcy attorney. But Tucker said a backup of the files has been made and he said that Premier has not hidden or removed anything.

Still, Efroymson said he was concerned, since the trustee won't take control of the files until Monday.

"The concern now is there is nobody in place ensuring the data remains on the computers and servers," he said.

The decision today also won't provide much relief to Premier's former employees, many of whom have not been paid for at least eight weeks.

"I don't see that there's going to be any funds for former employees," Efroymson said.

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. why oh why does this state continue to elect these people....do you wonder how much was graft out of the 3.8 billion?

  2. i too think this is a great idea. I think the vision and need is there as well. But also agree with Wendy that there may be better location in our city to fulfill this vision and help grow the sports of hockey and figure skating in Indy. Also to help further develop other parts of the city that seem often forgotten. Any of the other 6 townships out side of the three northernmost could benefit greatly from a facility and a vision like this. For a vision that sounds philanthropic, the location is appears more about the money. Would really like to see it elsewhere, but still wish the development the best of luck, as we can always use more ice in the city. As for the Ice growth when they return, if schedules can be coordinated with the Fuel, what could be better than to have high level hockey available to go see every weekend of the season? Good luck with the development and the return of the Ice.

  3. How many parking spaces do they have at Ironworks? Will residents have reserved spaces or will they have to troll for a space among the people that are there at Ruth Chris & Sangiovese?

  4. You do not get speeding ticket first time you speed and this is not first time Mr.Page has speed. One act should not define a man and this one act won't. He got off with a slap on the wrist. I agree with judge no person was injured by his actions. The state was robbed of money by paying too much rent for a building and that money could have been used for social services. The Page family maybe "generous" with their money but for most part all of it is dirty money that he obtained for sources that are not on the upright. Page is the kind of lawyer that gives lawyers a bad name. He paid off this judge like he has many other tine and walked away. Does he still have his license. I believe so. Hire him to get you confiscated drug money back. He will. It will cost you.

  5. I remain amazed at the level of expertise of the average Internet Television Executive. Obviously they have all the answers and know the business inside and out.

ADVERTISEMENT